OUR HARD WORK HAS PAID OFF-SORT OF
We have gone from bone dry of coins to buying close to $1 million dollars’ worth in 2 days. ALL GOLD. They were all agonizing purchases. This onslaught of coins was totally unexpected. We are writing this Market Report to explain our purchases and how you have to think today (especially on better gold), not as a promotional tool.
As you see in our NEWPS, we bought a few coins from the Fairmont auction. We sat there all-night ferreting through the sale. We did NOT buy anything that was stratospheric or unreasonable in price. The coins we bought all have fundamental value for the prices we paid. It’s ridiculous to think that coins that have not made appearances for years or are the best grades are going to sell cheap in this market. We feel strongly many (certainly NOT all) of the prices paid in the Fairmont sale represented the current market. PUBLISHED VALUES SERIOUSLY LAG.
Back to our buying blitz. We got a call from a long tome associate who asked if we were in the mood to buy. He knew we badly needed coins and we were grateful he called us first. Heck yeah, we were ready to buy! We pinched ourselves as to what he was offering us. Then the enthusiasm burst as he quoted us the prices. Once the sticker shock wore off, we were dealt with a mini-Fairmont like deal to decide on. When a coin is tied for the finest, has great looks, has not been offered in years, and is CAC, we can’t count published prices as guides. So as blood gushed out of our bodies and we fought a valiant battle, we bought several coins passing on a few. We did NOT pay Fairmont prices in the end. We had to buy the coins. The next guy in line would have done the same thing (we doubt our passes will make it to CSNS). This is today’s market and how you have to think to buy. The competition (especially for better gold) is stronger than ever.
Fortunately, several of the coins we bought are on Want Lists. So far everyone we offered the coins too (Want Lists) have happily purchased them. Next week we should have the bulk of the coins posted. We will bring some to CSNS. Here is one example of a killer coin we bought: $5 1838-D PCGS AU58+ CAC. This coin has been off the market since 2016. Good luck finding another. All the coins we bought are CAC beaned. WOW!
Sadly, NONE of the coins were purchased were under $10,000.00. So frustrating in many ways.
It’s amazing to us how long and strong the rally has been since January of 2021. The whales sure have not stopped buying. In fact, they are hungrier than ever. The mid-market has virtually no coins which is powerful proof the market there is hot. And we know the cheaper segment of the market is hotter than the brightest star! Right now, nothing is slowing in terms if demand (again, this is a selective market-we are talking about gold here). BUT when the really big collections start surfacing, it will be interesting to see what happens. There will be coins available August and on as Bender and Bass hit. How much really can be absorbed? BUT, there are still markets like GEM $10 Indians and GEM $20 Saints that have multiple collectors seeking coins that seem not to exist and are not in any of these collections. Watch what the Saints in next weeks CSNS Sales bring. It will be crazy!
Legend still needs coins. What do you have? Call or email us. It is never a wrong time to take some profits!
Legend WILL be at CSNS Wed-Friday. Stop by and say hi!
NEWPS
WE HAVE THE COINS! Finally this week we can offer some fresh to market coins. They are mostly out of the Fairmont Collection that was auctioned recently. We sat for hours during the sale to watch for the smart values and good deals. These coins are NOT the runaway priced at all. The quality of each coin is HIGH-END-and most important, every coin is CAC beaned.
Even though every coin we posted could be consider a highlight, there are three that stand out to us:
$10 1854 PCGS MS62 CAC
$5 1911-D PCGS MS63 CAC
$5 1914-S PCGS MS63+ CAC
Do not forget to check out our regular inventory. We have many PCGS CAC coins that need good homes in collections like yours. We will work hard to make deals happen!
LEGEND RARE COIN AUCTIONS
www.legendauctions.com
THE CSNS AUCTION IS THIS UPCOMING WEEK-BE READY! You hear us telling you how many record eye balls we have had, that means bidding will be fierce. BE PREPARED! Email or call us if you need to know about a coin or seeking bidding advice. Senior Numismatist Greg Cohen (greg@legendauctions.com) is always available to help. He will be at the CSNS show as well. The staff is at the show starting Tuesday.
AUCTION 52 WATCH LIST IS NOW POSTED! This includes Round II of the Dale Friend Collection and part II of the Glorious Pattern Collection plus the Oak Collection of MS $3. This sale takes place in New Orleans at the PCGS invitational May 26th. Highlights of this sale will be at the CSNS Show.
Our next sale is July 28 at the PCGS invitational in LAs Vegas. We already have a wonderful Choice MS Collection of Bust Quarters consigned. We are seeking additional consignments. Minium $1,500.00 per coin (unless part of a big group).
Our sales are smaller (usually around 500 lots with every coin being well exposed. You’ll be happy with the results.
IF YOU HAVE ANY QUESTIONS, OR WISH TO ORDER, EMAIL US: legendcoin.com. WE DO NOT CHECK OUR PHONE MESSAGES UNTIL 9 AM MONDAY
